Fitch Ratings assigns an ‘A’ rating to Miami-Dade County Florida’s $377 million in Seaport Revenue Bonds, series 2013A and 2013B, and Seaport Revenue Refunding Bonds, series 2013C and 2013D.
The revenue bonds are secured by net revenues from PortMiami. The Rating Outlook on the revenue bonds is Stable.
The Port benefits from stable revenue streams from various business lines (cruise operations 50% of revenues, container 40%). The Port does have some exposure to fluctuations in the cruise business and to the competitive port environment in South Florida and the south eastern seaboard.
The County is issuing $377 million in Seaport Revenue Bonds in order to pay costs of certain capital expenditures for seaport facilities, including the funding of channel dredging, wharf improvements, crane purchases, tunnel construction, and other improvements; and to refund certain bonds previously issued by the County.
The bonds consist of $239 million in Series 2013A Seaport Revenue Bonds; $108 million in Series 2013B Seaport Revenue Bonds (AMT); $12 million in Series 2013C Seaport Revenue Refunding Bonds; and $18 million in Series 2013D Seaport Revenue Refunding Bonds (AMT). All bonds are fixed rate, with a final maturity of 2042.
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Press Release, August 19, 2013